Pepper futures surge 3 pc on spot demand

Pepper prices spurted by 3 per cent to close at Rs 46,350 per quintal in futures market today as speculators enlarged positions on the back of rising demand at the spot market.

Besides, tight stocks position following drop in arrivals from producing regions fuelled the uptrend.

At the National Commodity and Derivatives Exchange, pepper for delivery in the current month spurted by Rs 1,350, or 3 per cent, to close at Rs 46,350 per quintal with an open interest of just six lots.

Traders said widening of positions built up by participants amid pick-up in domestic and export demand in the physical market mainly led to the sharp rise in pepper prices at futures trade.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)